Following is the trial balance of Standard Ltd as on 31st March 2020:DebitCreditStock on 31st March 201975000Sales350000Purchases245000WagesDiscount500005000Furniture and fittings17000Salaries7500Rent4950Sundry expensesProfit and loss appropriation Account on 31st March 2020Dividend paidShare capital7050150309000100000Debtors and creditors3750017500Plant and machineryCash and bank2900016200Reserve15500Patent and trade mark4830503030503030 Prepare Profit and loss account for the year ended 31stMarch 2020 and balance sheet ason that date after taking into consideration the following adjustments:a. Stock on 31st March 2020 was valued at Rs.82000b. Depreciation on fixed assets @ 10%c. Make a provision for income tax @ 50%d. Provide corporate dividend tax @ 10%.

Name: Following is the trial balance of Standard Ltd as on 31st March 2020:
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Description: Following is the trial balance of Standard Ltd as on 31st March 2020:DebitCreditStock on 31st March 201975000Sales350000Purchases245000WagesDiscount500005000Furniture and fittings17000Salaries7500Rent4950Sundry expensesProfit and loss appropriation

Profit and loss account and balance sheet are included in the final accounts in the financial…

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Following is the trial balance of Standard Ltd as on 31st March 2020: Debit Credit Stock on 31st March 2019 75000 Sales 350000 Purchases 245000 Wages 50000 Discount 5000 Furniture and fittings 17000 Salaries 7500 Rent 4950 Sundry expenses Profit and loss appropriation Account on 31st March 2020 Dividend paid Share capital 7050 15030 9000 100000 Debtors and creditors 37500 17500 Plant and machinery 29000 Cash and bank 16200 Reserve 15500 Patent and trade mark 4830 503030 503030

Following is the trial balance of Standard Ltd as on 31st March 2020: Debit Credit Stock on 31st March 2019 75000 Sales 350000 Purchases 245000 Wages 50000 Discount 5000 Furniture and fittings 17000 Salaries 7500 Rent 4950 Sundry expenses Profit and loss appropriation Account on 31st March 2020 Dividend paid Share capital 7050 15030 9000 100000 Debtors and creditors 37500 17500 Plant and machinery 29000 Cash and bank 16200 Reserve 15500 Patent and trade mark 4830 503030 503030

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 41P

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The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,
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